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Mortgage defaults in California near decade high
today.reuters.com — The number of mortgage default notices sent to California homeowners last quarter rose to its highest in nearly 10 years as home prices stagnated and rates on adjustable loans pushed higher, a report released on Monday said.
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The saddest part is that this is just getting started. The peak "prime" mortgage issuance was 2004 and the most popular product was the 3/1 ARM. Peak "subprime" issuance was 2005 and the most popular product was the 2/1 ARM. If you look at the yield curve today and overlay the yield curve for those respective periods on top of it, it doesn't take a rocket scientist to conclude a lot of people are financially f*cked.
Take it a step further--to get out of one of those mortgages, you've got to either a) come up with the cash or b) refi into tightened credit standards. When all is said and done, you're going to need 20% cash to put down, full documentation, a notarized note from god, and your left testicle pledged as collateral to get a mortgage. This is just the beginning, folks.
If you saw "Saving Private Ryan", this would be the scene where the sniper in the bell tower realized the tank below him was about to take him out.
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